Taxation Society tax session

Allowable and non-allowable, management remuneration takes focus in Taxation Society tax session

Dr Sunil Manjarekar, Corporate tax will apply to all businesses and commercial activities alike except for the extraction of natural resources, which will remain subject to Emirate-level corporate taxation. Businesses will only need to file one corporate tax return each financial year and will not be required to make advance tax payments.

Rishi Sapra, stated that the consideration of transactions with related parties and connected persons needs to be determined by reference to their ‘market value’, The arm’s length principle is the international standard that OECD member countries have agreed should be used for determining transfer prices for tax purposes.